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Wednesday, July 26, 2017

SAN ANTONIO, TX (July 26,
2017) – A joint venture between AMAC Holdings and EBEX Holdings has teamed up
with property management firm United Apartment Group to acquire Crescent at Alamo Heights, a 306-unit
multifamily apartment community located in the marquee San Antonio neighborhood
of Alamo Heights.

“Crescent at Alamo Heights
enjoys a prime location within one of the most desirable submarkets in San
Antonio,” says Maurice Kaufman, a
Founding Principal at AMAC Holdings. “The property has not been renovated in
over 10 years and presents a tremendous value-add opportunity through unit
upgrades and an operational overhaul.”

Built in 1993, Crescent at
Alamo Heights sits on 14.6 lush landscaped acres and features a unit mix of
one-, two- and three-bedroom units ranging from 669 to 1,370 square feet in
size.

The units at Crescent at Alamo Heights include
9-foot ceiling heights, walk in closets, washer/dryer connections and
patios/balconies. Amenities include gated-access, assigned parking, a
pet-friendly policy, swimming pool, fitness center, laundry room, playground,
picnic area with barbecues, and a business center.

The new owners have plans
for an extensive renovation and rebranding strategy that will include both
interior and exterior improvements, as well as amenity upgrades.

“This was a very complex
transaction with a few months of negotiations with the sellers, a large tenants
in common group,” says Evan Goldenberg,
Principal at EBEX Holdings.

Evan Goldenberg

“Ultimately, the effort was worth it, as we
were able to close at a price-per-unit of $121,000. We have only owned Crescent
at Alamo Heights for a month, but we are already hearing from tenants who are
extremely excited about our rehabilitation plans, as the community has seen its
share of deferred maintenance from previous owners.”